Principal Financial Group Inc. Lowers Stock Position in Loews Co. (NYSE:L)

Principal Financial Group Inc. lessened its stake in shares of Loews Co. (NYSE:L) by 9.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 217,179 shares of the insurance provider’s stock after selling 21,838 shares during the quarter. Principal Financial Group Inc. owned 0.10% of Loews worth $12,896,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Kinneret Advisory LLC boosted its stake in shares of Loews by 2.3% in the first quarter. Kinneret Advisory LLC now owns 7,244 shares of the insurance provider’s stock valued at $470,000 after purchasing an additional 162 shares during the period. Contravisory Investment Management Inc. lifted its stake in Loews by 2.7% in the second quarter. Contravisory Investment Management Inc. now owns 6,895 shares of the insurance provider’s stock worth $409,000 after acquiring an additional 181 shares during the last quarter. United Capital Financial Advisers LLC lifted its stake in Loews by 2.7% in the fourth quarter. United Capital Financial Advisers LLC now owns 6,849 shares of the insurance provider’s stock worth $400,000 after acquiring an additional 183 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Loews by 40.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 705 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 202 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in Loews by 5.1% in the first quarter. Signaturefd LLC now owns 4,639 shares of the insurance provider’s stock worth $269,000 after acquiring an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on L shares. StockNews.com started coverage on shares of Loews in a research note on Thursday, October 5th. They issued a “buy” rating for the company. Royal Bank of Canada cut their price objective on shares of Loews from $174.00 to $170.00 and set an “outperform” rating on the stock in a report on Thursday.

Insider Activity

In other Loews news, Director Paul J. Fribourg sold 561 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $62.56, for a total value of $35,096.16. Following the transaction, the director now directly owns 3,292 shares of the company’s stock, valued at approximately $205,947.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Loews news, Director Paul J. Fribourg sold 561 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $62.56, for a total transaction of $35,096.16. Following the sale, the director now directly owns 3,292 shares in the company, valued at approximately $205,947.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan C. Locker bought 15,870 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were bought at an average price of $63.75 per share, for a total transaction of $1,011,712.50. Following the completion of the transaction, the director now directly owns 15,870 shares in the company, valued at approximately $1,011,712.50. The disclosure for this purchase can be found here. Corporate insiders own 18.30% of the company’s stock.

Loews Stock Down 0.1 %

L stock opened at $67.00 on Friday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.52. Loews Co. has a twelve month low of $52.85 and a twelve month high of $67.46. The company’s 50 day moving average is $64.31 and its two-hundred day moving average is $61.59. The stock has a market cap of $14.96 billion, a P/E ratio of 11.47 and a beta of 0.80.

Loews (NYSE:L) last announced its earnings results on Monday, October 30th. The insurance provider reported $1.12 EPS for the quarter. The business had revenue of $3.93 billion for the quarter. Loews had a net margin of 8.76% and a return on equity of 8.95%.

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Wednesday, November 22nd will be issued a $0.0625 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.37%. Loews’s payout ratio is 4.28%.

About Loews

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto and umbrella coverages.